Lahore, October 17, 2024—The 4th Pakistan Future of Retail Business Summit & Expo brought together industry leaders, innovators, and key stakeholders to explore the dynamic evolution of Pakistan’s retail and real estate sectors.
Organized by the Chainstore Association of Pakistan, in collaboration with Terrabiz, this event has grown into a premier platform for retail professionals to share insights, collaborate, and shape the future of organized retail in Pakistan.
Punjab Finance Minister Mian Mujtaba Shujaur Rehman opened the summit, emphasizing the critical role of the retail sector in Pakistan’s economy. He highlighted that retail and wholesale together contribute over Rs20 trillion, make up 18% of GDP, and employ 10 million people.
The minister stressed the importance of modernizing regulations to ensure balanced taxation and the continued global competitiveness of local brands, echoing the need for strategic shifts in policy and practice to advance the retail industry.
A key highlight of the summit was the tech-driven transformation reshaping retail and real estate. Shafiq Akbar, Chairman of IMARAT Group, delivered a keynote address centered around IMARAT’s Vision 2047, laying a roadmap for ensuring the industry’s long-term success.
Shafiq Akbar’s address detailed IMARAT’s focus on leveraging technology to drive innovation, with a special emphasis on “Propmax.ai,” a cutting-edge tech ecosystem developed to assess land potential, predict market trends, and guide sustainable development.
“With this technology, we are laying the foundation for developments that will remain resilient over the next century,” Mr. Akbar said, reinforcing IMARAT’s commitment to using data-driven decision-making to build projects that endure.
This commitment is especially evident in IMARAT Downtown, a tech-forward development along the Main Islamabad Expressway that includes the Mall of IMARAT and Cyber Tower. These are designed to become hubs for tech-driven businesses and e-commerce. The Grand Bazar is another key feature, empowering artisans by providing digital tools to help them expand their businesses into global markets.
The Expo also served as a unique platform for innovators and enablers across the retail ecosystem to showcase their latest offerings. FOR24 offered participants invaluable insights on the latest trends, from digital transformation to human capital development, further enhancing the retail sector’s resilience and adaptability in an ever-evolving economic landscape.
Saira Awan Malik, President of TCS Pvt Ltd, and Umer Lodhi, Country Manager of Carrefour Pakistan, spoke about how e-commerce and digital advancements reshape customer experiences, supply chains, and retail infrastructure. Their discussions centered on how adopting global retail trends can enhance Pakistan’s position in the international market.
Mr. Shafiq Akbar concluded by emphasizing IMARAT’s long-term vision: “We are not just building spaces; we are creating connected ecosystems where businesses can thrive. Through the strategic use of technology, we aim to build a future for Pakistan that is sustainable, innovative, and forward-looking.”
The 4th Pakistan Future of Retail Business Summit & Expo underscored the critical role of technology in driving growth and innovation across the retail and real estate sectors. With initiatives like Propmax.ai technology and developments like IMARAT Downtown, the industry is poised to navigate future challenges, ensuring resilience, growth, and prosperity in Pakistan’s economic landscape.
